Spain's second-largest Initial Public Offering (IPO) comes from Blackstone's Cirsa.
Cirsa Makes Waves in European Gambling Market with Record-Breaking IPO
Spanish gaming giant Cirsa, known for operating some of the best online casinos not just in Spain but beyond, has made headlines once again. The company, currently controlled by private equity firm Blackstone, recently completed a €400m capital injection in exchange for 26 million shares. This move has propelled Cirsa to become the second-largest Initial Public Offering (IPO) in Spain's history, with a value of €2.5bn (around $2.9bn).
The CEO of Cirsa, Marc Puig, has been instrumental in the company's growth, particularly in its recent asset acquisitions. Puig, who took over the helm, has led Cirsa in expanding its presence in the gambling market, focusing on Latin America, Europe, Portugal, and Italy. Notable acquisitions include Apuesta Total and Casino Portugal.
Cirsa's stock price initially surged by 6.7%, reaching €16, following the IPO. However, it later settled at €15. Despite this slight dip, the company's net debt currently stands at €2.37bn, a figure that Cirsa's top brass is actively working to reduce.
The European IPO market has been relatively inactive, making Cirsa's success all the more notable. This achievement comes as no surprise given Blackstone's proven track record in turning gaming assets into winners, as demonstrated by its purchase of Cirsa in 2018 for €2.1bn.
Meanwhile, Blackstone is also working on returning Crown Resorts, an Australian gaming brand, to stability and potential growth. However, regulatory pressure is not letting up for Crown Resorts, posing a challenge for the firm.
In a parallel development, Italian gaming major Lottomatica registered an 80% gain on its own shares after its IPO in 2023. This success serves as a testament to the potential of the European gambling market.
Cirsa launched in 1985 and currently operates 450 casino properties across 11 countries. As the company continues to grow and navigate the complexities of the gambling industry, it remains a significant player in the European market.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
- Abdominal Fat Accumulation: Causes and Strategies for Reduction
%20comes%20from%20Blackstone's%20Cirsa.){kind=link}